Shell Shuts Wells, Starts Evacuations in U.S. Gulf - News

WATCHLIST

RECENT QUOTES

Watchlist Sponsored By :

MORE HEADLINES

Markets | Economy | Companies

- Wave of Debt Payments Facing US Government

LATEST FROM OUR BLOGS

- Don't Dwell on Investment Mistakes; Move on, Like Buffett

FEATURED SLIDESHOWS

Runway Angels
The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Fashion Show.
The Richest Members of the US Congress
Recently, the Center for Responsive Politics found that there are 237 millionaires in the US Congress.
10 Tips to Get Out of Debt
Renowned financial author Gail Vaz-Oxlade takes a tough-love approach to helping couples in a financial crisis to face reality.

FEATURED QUIZZES

How Much Do You Know About Green?
Green has become part of our everyday lives. Green is everywhere-- energy, clothing, food, housing, transportation. It's a big business and a global business.
The Billionaire BFF's
Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?
The Many Myths of Coca-Cola
Can you tell which statements are true, and which ones are just rumors?

SPECIAL REPORTS

Winterizing Your Portfolio
If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.
Investor's Guide to Real Estate
Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.
Alternative Investing
Stocks and bonds? Sure. But it's a big world out there for investors.

CNBC ON DIGG

Shell Shuts Wells, Starts Evacuations in U.S. Gulf

Topics:Commodities | Natural Disasters | Natural Gas | Weather

Sectors:Oil and Gas

Companies:Valero Energy Corp | Marathon Oil Corp | Apache Corp | Anadarko Petroleum Corp | ROYAL DUTCH SHELL PLC

By: Reuters | 14 Aug 2007 | 06:24 PM ET

Text Size

Shell Oil was pulling nonessential workers from the western U.S. Gulf of Mexico on Tuesday as the company prepared to shut in 5 million cubic feet of natural gas production off the south Texas coast, the company said.

U.S. crude futures [US@CL.1 Loading... ()] jumped $1.11 per barrel or 1.5% to $73.73 per barrel in the minutes after Shell [ Loading... () ] announced the evacuations.

Shell was the only U.S Gulf oil and natural gas producer removing workers ahead of a band of thunderstorms associated with a tropical wave about 90 miles northwest of the Yucatan Peninsula.

The Hurricane Center sent a U.S. Air Force reconnaissance plane to fly through the storm on Tuesday afternoon.

BP [BP Loading... () ], Anadarko Petroleum [APC Loading... () ], Apache [APA Loading... () ], Valero Energy [VLO Loading... () ] and Marathon [MRO Loading... () ] said they were closely monitoring the storm and were prepared to take action to ensure the safety of the workers.

"We are watching the situation very closely," said Marathon's Paul Weeditz. "We have not evacuated any personnel nor have we shut in any production." Weeditz said Marathon halted sending nonessential personnel to offshore sites.

Shell pulled 88 workers on Monday night and was planning to pull another 100 on Tuesday. Shell planned to shut in the natural gas wells in the North Padre 975 field.

Tools: